GBPUSD
Cable is gaining bearish traction, as fresh weakness eventually took out key short-term support at 1.5327, 08 July low, after today’s repeated upside attempts stalled at 1.54 zone. Psychological 1.53 support is under strong pressure, with daily close below 1.5327, required to confirm an end of near-term consolidation and commence fresh leg lower. Bears prevail on all timeframes, favoring scenario that will look for test of next targets at 1.5246, 50% retracement of 1.4563/1.5928 rally and 1.5168, 01 June higher low, in extension. Monthly close in long red candle, maintains bearish signals. However, corrective actions could anticipated in the near-term, as daily RSI is approaching oversold territory and slow Stochastic moves sideways in oversold zone. Initial barrier lies at 1.5363, 200SMA, ahead of today’s upside rejection at 1.5400 and former consolidation tops at 1.5440. Only break here would sideline immediate downside threats.
Res: 1.5363; 1.5400; 1.5441; 1.5500
Sup: 1.5300; 1.5246; 1.5200; 1.5168
Cable is gaining bearish traction, as fresh weakness eventually took out key short-term support at 1.5327, 08 July low, after today’s repeated upside attempts stalled at 1.54 zone. Psychological 1.53 support is under strong pressure, with daily close below 1.5327, required to confirm an end of near-term consolidation and commence fresh leg lower. Bears prevail on all timeframes, favoring scenario that will look for test of next targets at 1.5246, 50% retracement of 1.4563/1.5928 rally and 1.5168, 01 June higher low, in extension. Monthly close in long red candle, maintains bearish signals. However, corrective actions could anticipated in the near-term, as daily RSI is approaching oversold territory and slow Stochastic moves sideways in oversold zone. Initial barrier lies at 1.5363, 200SMA, ahead of today’s upside rejection at 1.5400 and former consolidation tops at 1.5440. Only break here would sideline immediate downside threats.
Res: 1.5363; 1.5400; 1.5441; 1.5500
Sup: 1.5300; 1.5246; 1.5200; 1.5168
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